L&G: Landlords the focal point of the market
The buy-to-let sector remains resilient, as landlords eye HMOs in search for higher rental income, Legal & General research has found.
There’s been a 32% increase in searches for ‘multi-unit freehold blocks’ and a 38% increase in searches for rental income.
Similarly, searches for top slicing rose by 49% in June, while searches in relation to regulated buy-to-let increased by 15%.
Jodie White, head of mortgage products and transformation, Legal & General Technology: “It’s clear that the mortgage market remains robust despite ongoing issues with affordability, rising interest rates and stubborn inflation.
“It’s positive to see that market activity is still being driven by specific sectors including buy-to-let, overseas buyers, and by increased demand for particular property types.”
Overseas buyers also continue to invest in the UK property market and are helping to bolster its growth.
June saw searches on behalf of overseas customers increase by 16%, while searches on behalf of customers with a permanent right to reside or indefinite leave to remain increased by 38%.
Among owner occupiers, there has been an increase in searches for interest only mortgages as borrowers look to reduce their monthly costs.